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ATR KimEng Financial Corp. said its subsidiary will reorganize its
asset management businesses and increase its capital to fund new
initiatives.
In a disclosure to the Philippine Stock
Exchange, ATRKE Financial said it is forming a business group called
ATR KimEng Asset Management Group, which will be headed by former
ING Investment Management Regional General Manager Michael Ferrer.
The company’s unit, ATR KimEng Capital
Partners Inc., currently has a presence in the asset management
industry, through the Mutual Fund Management Co. of the Philippines
(MFMCP)—which manages three mutual funds—and through its Trust
department.
On a combined basis, the whole ATR KimEng Group
manages and administers over P5 billion in assets under management (AUM)
consisting of mutual funds, trust assets, insurance portfolios, and
real estate for proprietary and third party clients.
Under the plan, ATR KimEng Direct Investments, a
subsidiary of ATRKE Capital, will be renamed ATR KimEng Asset
Management Holdings, Inc. and increase its authorized capital to
P140 million.
MFMCP will be renamed ATR KimEng Asset Advisors
(ATRKE Asset Advisors) and its authorized capital will be increased
to P100 million.
ATRKE Capital will then sell its 83-percent
stake in MFMCP to ATRKE Direct Investments, which will be the entity
that will buy the new shares of ATRKE Asset Advisors.
Manuel Tordesillas, ATR KimEng Group president
and chief executive, said the expansion of the company’s asset
management business is aimed at building a leading position in the
capital markets and to bring synergies with its insurance and real
estate businesses.
-- Chino S. Leyco
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